Two friends, Makena and Aiden, own and run a bar. Makena tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Aiden tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?

We would expect the cross elasticity between tennis racquets and tennis balls to be:

There is a technological advance in the production of digital watches. This will cause:

To finance medical care, the federal government raises the tax per pack paid by sellers of cigarettes. Other things being equal, the price of cigarettes rises because of a(n):

Which of the following is a property of a public good?

The mirror image of the marginal cost curve is the

If a demand curve for a good were completely vertical, it would be considered:

Price elasticities of supply are always:

To raise the most tax revenue, governments should tax which of the following goods?

When quantity supplied equals quantity demanded, there is: